Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today announced that its Board of Directors has approved a reauthorization of the current share repurchase program. Under this reauthorization, which will be effective once the current authorization is completed, the Company is authorized to purchase up to $250 million of its outstanding common stock from time to time, by means of open market purchases or through privately-negotiated transactions. The reauthorization has no stated expiration date. The purchases will be funded from available cash balances and ongoing cash flows, and will be made subject to market and economic conditions. The Company is not obligated to make any repurchases and may discontinue the program at any time.
As of September 29, 2018, the Company had approximately $45 million remaining under the current share repurchase authorization announced in February 2015. Valmont currently has approximately 22.1 million shares outstanding.
Valmont is a global leader, designing and manufacturing engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.